Carvana to lay off 2,500; executives to forgo salaries for rest of year

Carvana Co. plans to lay off 2,500 employees, or about 12 percent of its work force, according to a document it filed Tuesday with the U.S. Securities and Exchange Commission.

Those employees are primarily in Carvana’s operations groups, the company said. In connection to those cuts, the online used-vehicle retailer will “transition operations away” from a few of its logistics hubs and from its inspection and reconditioning center in Euclid, Ohio.

Carvana said its executive team will forgo their salaries for the rest of 2022 “to help contribute to the severance pay for departing team members.”